CURRENT ACCOUNTING REGULATIONS ON ANNUAL FINANCIAL STATEMENTS
CURRENT ACCOUNTING REGULATIONS ON ANNUAL FINANCIAL STATEMENTS

Summary/Abstract: On the 1st of January 2015, Order no. 1802/2014 of the Minister of Public Finances approving the accounting regulations in accordance with Directive 34/2013 on accounting, entered into force. It is a reference document in carrying out accounting activities and in preparing the annual financial statements. The novelties are generated by two approaches: first, a reclassification of the economic undertakings into the categories of micro-undertakings, small undertakings, medium-sized undertakings and large undertakings, and according to this classification, each will prepare abridged financial statements or financial statements having more components. The second approach concerns the transposition into national law of several International Financial Reporting Standards in addition to the existing ones.

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